I haven't owned one but I used one quite a bit when I was taking woodworking classes at school. I'm not a big fan of Tormek for chisels and plane blades.
The first thing is that the Tormek is a wet system and it tends to get water around the tool when you use it - so you really have to have a dedicated space for it.
Second, it's very expensive and the jigs that you buy for it are expensive. It's very easy to have more than $1,000 invested in a machine and jigs which is an awful lot of money for sharpening. In fact,
this Tormek package on Amazon is $1,700.
For chisels and plane blades, I wound up with a WorkSharp 3000. I use the WorkSharp to set the primary bevel at 25 degrees and then go to water stones to put the final bevel on. The final bevel will be greater than 25 degrees so it's a microbevel. I use a diamond plate on the WorkSharp (about $12) instead of sandpaper.
Here's a discussion on my web site about how I sharpen.
The WorkSharp is not perfect - I find it somewhat underpowered - but it does the job for me. And
it's only $200.
And if you buy a Tormek, you still need some stones to flatten or hone the back of the chisel or plane blade. Some people will try to tell you that you can flatten the back of a chisel on the side of the Tormek stone but I, and other people I know who have tried that, found that it did not work well.
And the Tormek wheel is generally coarse enough that you need to take it to a fine stone to finish sharpening. If the Tormek stone was fine enough for a finish, it would be very slow. They offer a leather wheel for honing but my experience is that there's too much of a jump from the wheel to the leather hone. I needed a stone to go to before going to the honing wheel.
Of course, if you plan to use it for something other than chisels and plane blades, none of the above may be useful to you.
Mike